FinLit Budgets

FinLit Budgets

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Multiple Choice

A plan for spending and saving. You must consider both income and expenses.

• budget

• banking

• hoarding

• investing

Multiple Choice

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

Multiple Choice

The amount of money earned over a period of time. It comes from salary/wages, allowances, gifts, etc.

• Income

• Fixed Expense

• Variable Expense

• Budget

Multiple Choice

An 8th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.

• Needs
• Wants
• Income
• Expenses

Multiple Choice

An expense that is the same amount and cannot easily be changed, like rent.

• Income

• Fixed Expense

• Variable Expense

• Budget

Multiple Choice

An expense that differs from month to month. The amount you spend or food or clothing for example.

• Income

• Fixed Expense

• Variable Expense

• Budget

Multiple Choice

Which of the following is an example of a want (non-essential expense) for most people?

• A warm jacket

• Transportation

• Ice cream

Multiple Choice

Which of the following is an example of a need (essential expense) for most people?

• A place to live

• A nice car

• Designer jeans

Multiple Choice

Which is a retirement plan that allows employees to save earnings before they are taxed?

• Traditional IRA

• Roth IRA

• 401K

Multiple Choice

A portion of your income that you do not spend on your current needs, but instead set aside for future needs.

• Collateral

• Discretionary Income

• Savings

• Net Worth

Multiple Choice

Debt is the amount of money you have borrowed, or that you owe.

• True

• False

Multiple Choice

FICA taxes are

• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
• U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
• U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

Multiple Choice

Taxes on your income that you pay annually to the government to help fund government services.

• payroll tax

• money owed or borrowed

• income taxes